Category: Business
Dr Mohammad Abubakar, Nigeria’s Minister of Environment stated that Nigeria recorded 4,919 oil spills between 2015 and March 2021. The Minister disclosed this at the Town Hall meeting in Abuja, organised by the Ministry of Information and Culture, on protecting oil and gas infrastructure. What he said “According to the National Oil Spill Detection Agency […]
A few days after a meltdown projection by global investment bank, JPMorgan Chase, Bitcoin rallied to prove the bank’s analysts wrong. Analysts at the American bank had projected last week that Bitcoin price would crash to as low as $25,000 in the coming weeks. They argued that the asset’s fair value is around $23,000 to […]
The National Economic Council (NEC) on Friday approved the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). NEC approved the MTEF at its emergency meeting presided over by Vice President Yemi Osinbajo at the State House in Abuja. The MTEF is a rolling three-year-expenditure plan which defines the medium-term expenditure priorities and budget […]
The Federal Government has explained why the Nigerian currency was devalued again, the third time in just a year. According to Zainab Ahmed, Minister of Finance, Budget, and National Planning, one of the reasons is that foreign portfolio investors were unwilling to return to the Nigerian market due to the valuation of the Nigerian Naira […]
The Nigerian Communications Commission (NCC) has said that it generated a revenue of over N150 billion from spectrum license fees within the first 5 months of 2021, exceeding its N36 billion projection for the year. This figure represents an over 400% increase in budgeted revenue performance with respect to spectrum fees generated by the commission […]
Nigeria’s foreign reserves fell by $2.3 billion in the first six months of 2021, despite an increase in oil prices, as foreign exchange pressure and subsidy negated the gains. The decline in the external reserves is in spite of the steady increase in the price of crude oil, which accounts for about 70 per cent […]
The hype around bitcoin is dropping, and this is affecting demands and price of the most popular cryptocurrency. This was reflected in the decline of active addresses. The digital coin has been experiencing a depleted performance since May this year following Tesla boss, Elon Musk’s tweet, which declared that bitcoin was no longer accepted by the carmaker. […]
Mariam Yalwaji Katagum, Minister of State for Industry, Trade, and Investment has disclosed that the Micro, Small, and Medium Enterprises (MSMEs) sector employs around 76 percent of Nigeria’s workforce. The Minister stated this at the maiden edition of National Micro, Small, and Medium Enterprises Discourse with the theme “Little beginnings; Huge Impact” as part of […]
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Thursday the Federal Government planned to spend N13.98 trillion in 2022. Ahmed stated this at a public consultation on the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 held in Abuja. She added that the federal government planned to spend N3.6trillion on capital […]
Data from the United Nations Framework Convention on Climate Change reveals that Africa accounts for only 2 to 3 percent of global greenhouse gases (GHGs). However, this number is poised to soar quickly with the increasing level of interest on the continent (and particularly in Nigeria) in the decentralized digital currency, Bitcoin. According to data […]
The Federal Government has disclosed that the mining ban in Zamfara would only be lifted if the security situation in the state improves. This was disclosed by Mr Olamilekan Adegbite, Minister of Mines and Steel Development at the maiden edition of the Ministry’s strategic virtual engagement with the 774 Local Government Council Chairmen and other […]
The exchange rate of the naira to the U.S dollars closed flat at the official and unofficial market last week. According to data from FMDQ securities, where Nigerian currency is legally exchanged, the naira concluded the week on Friday at N411.67 per US dollar, the same rate it began the week at. Likewise, the black […]
The Nigerian Extractive Industry Transparency Initiative (NEITI) has revealed how Nigeria lost an estimated $2.8 billion in oil revenues in 2019. This was stated in its most recent oil and gas industry audit report. The losses, according to the group, were caused by oil theft and pipeline sabotage. When calculated, the losses amounted to N851 billion at […]
Domestic and foreign debt service gulped over N1.02 trillion from the coffers of the Federal Government in the first quarter of this year, a report by Debt Management Office (DMO) revealed. The debt service ratio rose by 35.7 percent when compared to the N753.7 billion spent during the same period in 2020, at a time […]
Cameroon is the next stop for Nigerian billionaire, Aliko Dangote, as he furthers plan to situate a oil and gas business with the Central African country. Oil is the major revenue source for Cameroon just like Nigeria since it was discovered in 1977. It accounts for nearly 40 percent of export commodities, even though its […]
